Northern Ireland land valued at £75m sold for £4m

A site of land outside Ballymena, Northern Ireland, that was once valued at £75million has been sold for £4million, and to make matters worse, a £50million offer to purchase was rejected in 2007.

The land was acquired by the Department of Social Development (DSD) by compulsory purchase in 1970 but was never used or developed. A business consortium offered £50million for the site of land in 2007, but the DSD rejected it, estimating it was worth £75million at that time. By last year the land was valued at just £9million but no purchasers could be found.

The land is said to have been purchased by the 'Green Pastures' church for £4million. The extent of the devaluation of the land highlights the dramatic shift in Northern Ireland property values over the last 5 years. Commercial property has suffered a similar fate as residential property, if not worse, with values down by more than 100% for many of the large profile commercial properties put on the market over the last year.

If you are planning the purchase of a site of land in Northern Ireland, or a commercial property, and need a specialist conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.